Are you planning to relocate or moved to Canada? If yes, then here is how you can open a bank account in Canada. There are lots of things to put in place and solve when you are planning to relocate or move abroad, from getting your visa to finding somewhere to live. But one of the first things you need is a bank account.
Without a bank account, you will find it difficult to pay rent and bills and to make daily purchases like groceries. You also need a place to receive your salary if you plan to work in Canada.
Here in our guide on opening a bank account in Canada, we have put together the essential and important things needed to open a Canadian bank account. We will continue to apply the different banks that you can choose and everything that you need to know.
But let’s start getting all your documentation in order.
Table of Contents
What are the documents required to open a bank account in Canada?
To open a bank account in Canada, you must provide certain documentation. The most important are documents that confirm your identity. The required documents vary from bank to bank, but here is what you need:
- A valid Current Passport
- Proof
- Your permanent map of residence or immigration documents – Most banks accept temporary residence rights, work or study permissions, or confirmation of permanent residence documents
- The photo-employer ID of an established company
- (SIN) – To open your bank account in Canada you will be needing social insurance number (SIN)
Can I Open a Canadian Bank Account In Canada As a Non-Resident?
Yes, it is possible to open a bank account in Canada as a non-Canadian citizen. As long as you have the right identification and other documentation, you can open an account even if you don’t have a job or even the money for a first deposit.
Although this is good news, you can still find the relevant documentation a bit complicated in some circumstances. For example, you may not have a social insurance number (SIN) ², which banks are forced to request under the Income Tax Act of Canada.
You can request sin with a job or study permission together with your passport. Alternatively, some banks will accept requests from non-residents without sin, and you can also open bank accounts without interest without interest.
Can I Open a Canadian Bank Account Online?
Yes, with some banks in Canada, you can complete the process of opening a completely online bank account. However, it depends on your circumstances and which documentation you have, as well as the bank and the type of account you request. It is a good idea to contact the bank in advance to check whether your specific circumstances are only for an online application.
For other banks, you must personally do at least one branch visit. This means a trip to Canada if you do not live there yet to complete the registration process and open your new bank account.
Opening a Canadian bank account from outside
If you have not yet started your relocation to Canada, the good news is that you must at least start your bank account request abroad. The crucial first step is to contact the bank to verify what you need to do and the required documents.
Note – opening a Canadian bank account from outside the country will take a few days. And also, opening an account from outside Canada can be complex, because you will receive many phone calls between you and the bank customer care, (accounting teams).
To ensure that this process is smooth, make sure that you have classified your immigration, permission, and all other documents in advance.
For many banks, it may be necessary to physically visit an agency to complete the process after arrival in Canada. This may be able to work to your advantage because it may be easier and faster to personally solve any problems.
While the most important banks of Canada offer products that are specifically adapted for residents of non-newcomers, you can notice that your choice of accounts and services is limited. As a result, and the complexity of abroad, it may be better to wait until you reach Canada to open a bank account.
However, this does not mean that you cannot get other services in the meantime. Open a multi-currency account with Wise and you can send and receive internationally for low rates and the real exchange rate. You can open an account before you even go to Canada to Canada, which is super useful if you have the costs to cover or receive payments.
Which Canadian bank is the best for my needs?
Bank is one of Canada’s most important industries, where the market is dominated by a handful of large banks. The industry is technologically advanced and known for high levels.
The good news for anyone opening an account in Canada is that it is generally regarded as one of the world’s safest banking systems.
There are many banks to choose from, but the most famous are:
Toronto Dominion Bank – (TD Bank)
TD Bank is another large bank with a special package for newcomers to Canada. There is a special hub that offers useful information and advice, along with a special offer for newcomers without monthly costs for 6 months.
Here are the types of accounts you can open with Toronto Dominion Bank – (TD Bank)
- Unlimited TD account – a full account for a daily sofa, with unlimited transactions and no costs for the use of ATMs in Canada.
- TD charging minimum account – a simple first-year account with a limit of 12 transactions per month for people with very minimal banking needs.
- TD Student Checking Account – Specifically for students, this checking account has no monthly costs and a limit of 25 transactions per month.
Royal Bank of Canada (RBC)
The RBC is the largest bank in Canada and offers customer service in an impressive 200 languages.Talking of the best bank in Canada the Royal Bank is a popular choice due to its newcomer packages for newly relocated people in Canada. Here you will find the hills of useful information and services to classify your finances while you can establish yourself in Canadian life, along with a choice of bills, services, and benefits.
The RBC offers the following checking accounts:
- RBC at Limit Banking – Offering unlimited debit transactions, together with a special offer to pay no monthly fee for the first 12 months
- RBC VIP banking – an all-inclusive Cheat account with credit card discounts, unlimited debit transactions, and other VIP functions. It also has a special offer to not pay monthly for your first 12 months.
- RBC also offers dedicated bank accounts for students and for business customers.
Scotiabank
One of the five largest banks in Canada with an impressive 4000+ cash machines throughout the country;
Scotiabank offers four main inspection accounts:
- Basic bank account – a cheap account for people with minimal banking needs, with 12 free transactions per month
- Basic Plus Banking – a simple account every day with a number of additional functions, including 25 free debit transactions per month and the opportunity to derive the rate of the month while maintaining a minimum daily balance.
- Preferred Package – Providing the ability to make unlimited transactions with debit cards, a waiver from the frequency of a credit card as well as the possibility to earn more savings interest in addition to other benefits.
- Ultimate package – a premium Choca account with a higher monthly allowance (which can be issued by a minimum daily balance), unlimited debit transactions, and many other premium benefits.
- Scotiabank also provides the benefit of a student program that is fee-free that allows no limit on debit card transactions.
(BMO) Bank of Montreal
BMO is the oldest bank in Canada and offers an attractive package to newcomers to Canada.
The BMO NewStart program contains all types of special offers and benefits at full pearls¹¹¹, including monthly costs in your Performance Plan performance account and free savings for 12 months. This account is able to make unlimited transactions and cash rewards for those who open an account online.
Other BMO accounts include:
Plantplan Theking account – An account All flexible days for people with basic banking needs, offering 25 transactions per month and a free premium rate saving account.
Premium Plan Checking account that provides unlimited transactions as well as unlimited recordings of ATMs that are not BMO all over the world in addition to complimentary checks and other benefits.
Other banks that are worth mentioning
Canadian Imperial Bank of Commerce (CIBC) remains an outstanding bank in Canada and welcomes newcomers to join the plan. This includes the CIBC Smart account for newcomers that has no monthly charges, paperless records, and a monthly reimbursement of one year. The account also includes a bank credit card.
We cover all major banks from Canada, but it is also worth checking smaller banks, such as Canadian Western Bank, Canada National Bank, HSBC Bank Canada, and Laurentian Bank while comparing options.
But, if it’s the convenience of opening an account for a non-resident, it is best to choose large banks with a special welcome arrangement.
What are the rates?
The best news for people who are just coming to Canada is the fact that top banks have introductory offers for monthly bills. It is typically 6-to-12 months, as part of the packages for newcomers to Canada.
Other than that, coequal settings generally have monthly rates that range from $30 CAD depending on whether it’s a premium or basic account. Some banks can cancel these rates and still keep the minimum balance per day.
Alongside the monthly charges addition, you should be aware of transactions, electronic as well as international rates when looking for Canadian banks.
Many bank accounts provide an agreed amount of free transactions each month if they’re unlimitable. If you make any transaction that exceeds the limit of your monthly allowance it is possible to spend about $1 1.25 USD per transaction.
If you utilize the ATM of your bank to withdraw funds in Canada You are not required to charge any fees. Utilize the ATM of a different bank and expect to pay approximately $2 CAD when you withdraw.
Additionally, there are international transfer fees to be considered. It is possible to get free international transfers if you are an incoming newcomer to Canada however if you are not a newcomer there is a cost that can be assessed. Receiving banks may also offer compensation for international transfers that are completed.
How to transfer money outside Canada
You have to be a bit careful when sending money outside your Canadian bank account. Even if you don’t charge reimbursement for the initial time to arrange your transfer costs could be the worst exchange rate. It eats into your bank account and increases the cost.
Generally, sending money to friends or family in other countries is more expensive. Fortunately, there is a way to forward high international transfer rates and unfavorable exchange rates. Here is an easy-to-use and cheap alternative – Wise
Use a multi-currency account intelligently like Wise and you will be able to send and receive international money for lowercase fee as well as transparent rates. Plus, you will always receive the actual exchange rate and average market rate without costly marks on top.
This means you get better value and lower international transfer costs, that are as secure quick, reliable, and secure (if not quicker) than using banks.
You can also choose to shop with your bank card which is smart, in addition to Apple Pay and Google Pay.
It is possible to have a wise multi-grinding account with your Canada bank account; you can use the savings to transfer money overseas. You could even start a wise bank account before getting your foot on the ground in Canada and manage your finances while waiting until you open your Canadian Bank account.
Conclusion – How You Can Open a Bank Account in Canada
After you have read this guide on How You Can Open a Bank Account in Canada, you should be able to create a bank account in Canada. Because the Canadian banking system is among the most welcoming worldwide for newcomers, it is essential to make it simple.
All your documents should be organized and you can begin – best of luck on the Canadian adventure!